Novartis sells blood transfusion diagnostics unit to Grifols for $1.675 billion

Swiss drug major Novartis (NOVN: VX) says it is divesting its blood transfusion diagnostics unit to Spain’s Grifols (MCE: GRF) for $1.675 billion. This transaction, requiring customary regulatory approvals, is expected to be completed in the first half of 2014.

"The sale of the Novartis blood transfusion diagnostics unit enables us to focus more sharply on our strategic businesses while providing Grifols with a platform for global expansion," said Joseph Jimenez chief executive of Novartis, adding: "I am especially pleased that the agreement with Grifols provides our associates with an opportunity to join a company that will focus on growing this business aggressively."

Will expand Grifols’ portfolio